As the only domestic provider, the Helsinki Region Chamber of Commerce offers an escrow service for the secure storage of software source code and documentation. We are an impartial escrow agent, operating betweenthe customer and the software supplier to ensure that the source code is available to the buyer at any time. This avoids any potential risk so that the source code or other important documents remain available to the buyer if a business-critical software supplier goes out of business or bankrupt. You can make a deposit with physical material or an online deposit.
1. The supplier and the customer agree to use the Chamber of Commerce escrow service as part of their IT delivery contract.
2. The supplier, escrow agent and customer make an escrow agreement.
3. The escrow agent takes the material to be stored (the source code and all related documents) into safekeeping.
4. The supplier is responsible for updating any stored materials.
5. The escrow agent releases the stored materials to the customer when the terms of the agreement are completed.
Versatile escrow – ready agreements
for different situations
Various escrow agreements are available to cover different types of risks and user groups. All agreement templates are created in cooperation with experts in the specific area. All agreement templates can be downloaded as a Word document in both Finnish and English. List prices are attached to the signed agreement before it is sent on to the Chamber of Commerce.
An individual escrow agreement can be made between the owner of the software copyrights, its customer and the escrow agent. The agreement isrecommended for a tailor-made software delivery.
The group escrow agreement can be made between the software supplier,the escrow agent and several software users. The group escrow agreement is recommended for cases when several customers are sold a similar product, for example, financial management or CRM software. The agreement template saves the software supplier some work, because onlyone storage process needs to be made with the Chamber of Commerce. Inthis way, software users can protect an essential part of their business effortlessly and cost effectively.
The copyrights of computer software are not registered in any public register. Therefore, their creators often have difficulties proving that they have been the originator of a given software invention. By storing the source code with the Chamber of Commerce’s escrow service, a company can prove without any doubt that it was the creator of the software invention at a specific time.
During the initial phase of an escrow procedure, the supplier and customer agree on the terms of the escrow agreement based on the agreement template. Such terms include when the stored material will be released, what the customer can do with the released material, how often the stored material is updated and how the material is validated.
Once the Chamber of Commerce has approved the proposed agreement and all three parties have signed the agreement, the source code can be stored by the Chamber of Commerce.
1. Changes to the agreement
The software supplier and the customer should agree on any possible changes to the agreement template and mark them clearly in the agreement.
2. Agreement proposal
3. Signing the agreement
Once the Chamber of Commerce has approved the proposed agreement, the software supplier and the customer can sign the agreement and send three (3) copies of it to the Chamber of Commerce.
4. Agreement copies
The Chamber of Commerce will provide each party with one signed agreement copy. The material to be stored can be delivered after this or even earlier, if agreed so in advance with a representative of the Chamberof Commerce.
5. Material to be stored
The software supplier must deliver the material to store to the Chamber ofCommerce within 14 days from the date the agreement went into effect with a signature.
The material can be delivered by post or by courier to the following address or as an online deposit (see instructions in a separate appendix “online deposit”):
Helsinki Region Chamber of Commerce Escrow Service
Kalevankatu 12, 5 floor
6. Packaging of material to be stored
The material must be delivered in a sealed package. It must include the material agreed for storage in a machine-readable format. The package size may not exceed the measurements of 35 cm x 30 cm x 10 cm, unlessotherwise agreed.
7. Written notification
- The parties to the agreement
- The date the agreement went into effect
- The date the material was submitted for storage
- An itemization of the material for storage
8. Confirmation of materials received
The Chamber of Commerce will send all parties a notification to confirm the receipt of materials within seven (7) days of when the materials have arrived.
9. Material updates
If the software supplier delivers a changed or updated version of the software to its customer, the revised material must be delivered to the Chamber of Commerce within 30 days from the date that the new version was delivered to the customer.
We’re ready to help in all escrow matters